Square won't require users of its $99 Square Stand to replace their hardware when they are ready to accept EMV-chip cards. Instead, the vendor will support EMV cards through the hardware's included USB hub.
Square Stand is an iPad holder with a built-in reader for magnetic-stripe cards. The EMV device will plug into the same hub that merchants use to connect Square Stand to bar code scanners, receipt printers and cash drawers, Square said in an Aug. 20 blog post.
Square also plans to offer an EMV version of its plug-in reader for smartphones. The company has not disclosed pricing for either EMV device, saying only that both will be "affordable."
The card networks set an October 2015 deadline for most companies that handle card payments to be able to accept EMV-chip cards, which improve security over magnetic-stripe cards (fuel merchants have an extra two years). Companies that miss the deadline face a shift in fraud liability.